2023 vs. 2024: A Look at Our Local Real Estate Market Trends 📊🏡
As we transition into 2025, it's essential to reflect on the past two years in our local real estate market. Understanding how home prices, sales activity, and market trends have shifted can help buyers, sellers, and agents make informed decisions.
Let's dive into the key statistics and compare 2023 vs. 2024 to see what changed, what stayed the same, and what these trends might indicate for the future.
🏠 Home Prices on the Rise
One of the most noticeable trends is the increase in home prices from 2023 to 2024.
✅ Average Sale Price:
- 2023: $468,722
- 2024: $514,991
- Increase of 9.9%
✅ Median Sale Price:
- 2023: $391,000
- 2024: $445,000
- Increase of 13.8%
This upward trend suggests a stronger seller’s market, with increased demand pushing prices higher.
📉 Sales Activity: A Slight Slowdown
While home prices increased, the number of homes sold slightly declined compared to 2023.
✅ Total Homes Sold:
- 2023: 356
- 2024: 361 (Slight Increase)
✅ Sale-to-List Price Ratio:
- 2023: 95.81%
- 2024: 95.47%
While the ratio stayed nearly the same, it suggests buyers were still negotiating, though not significantly below asking prices.
However, the total number of homes listed increased from 473 in 2023 to 545 in 2024, meaning more inventory was available.
⏳ Days on Market (DOM) Increased
Homes took longer to sell in 2024 than in 2023.
✅ Average Days on Market (All Homes):
- 2023: 64 days
- 2024: 75 days
✅ Median Days on Market:
- 2023: 26 days
- 2024: 37 days
This increase in DOM suggests buyers had more options and took longer to decide, which aligns with the increased inventory levels.
📊 Expired Listings & Market Shifts
The percentage of expired listings also increased slightly from 6.98% in 2023 to 8.26% in 2024, meaning more homes sat on the market without selling.
This could indicate higher pricing expectations from sellers or a shift toward a more balanced market rather than a purely seller-driven market.
💡 Key Takeaways
✔️ Home Prices Increased – Strong demand pushed up prices in 2024.
✔️ Slightly More Homes Sold – But with longer days on the market.
✔️ More Inventory & Expired Listings – Giving buyers more choices and negotiation power in 2024.
✔️ Balanced Market Ahead? – The increase in DOM and expired listings suggests the market could be shifting toward stabilization rather than extreme seller control.
🏡 What Does This Mean for 2025?
If you're thinking about selling, 2025 could still be a great time to list—especially before inventory builds up further. Pricing your home correctly will be key to selling efficiently.
If you're looking to buy, the market might be shifting slightly in your favor, allowing more time to explore options and negotiate better deals.
Need expert advice? Let’s chat about your real estate goals for 2025! 📩🏡
Call our team today at 307-764-6222 to get started!